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JP Morgan Embraces Blockchain Technology Yet Jamie Damon Stays Critical Of Bitcoin

JP Morgan is taking more profound steps in blockchain technology in recent development. This new generation bank now uses blockchain in maintaining its collateral statements. According to the report, JPMorgan Chase & Co has completed its pilot transaction on a blockchain.

The use of blockchain technology and its application is widely spreading to different sectors and institutions. This shows that digital assets and their derivatives remain a formidable hope for the future. Notably, the processes involved in blockchain retain their originality with almost zero possibility of forgery.

On Friday, May 20, 2022, the bank moved collateral into tokenized money market fund shares. As a result, the transferred collateral is a mutual fund type.

JP Morgan’s assets for the transaction came from BlackRock, the largest global asset manager. It’s of note that BlackRock has been part of JP Morgan’s pursuit of blockchain right from its start.

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The report from JPMorgan’s global head, Ben Challice, revealed that BlackRock took no direct part in this recent transaction. However, the asset managing firm still maintains its exploration of blockchain technology.

Also, Challice explained the firm’s plans for expansion in its new move. It would include fixed income and equities as part of tokenized collateral. He reports that they could perform seamless transfers of collateral assets immediately without delays.

This new move from JPMorgan will create a beneficial stance for investors. They could now execute more transactions even beyond the usual market hours. Also, they have access to using several assets as collateral for such transactions.

Past Blockchain Involvements Of JP Morgan

Despite how it might seem, JP Morgan is not a newbie within the blockchain space. The firm has made several products through its many years of involvement.

The numerous products and commitment of the company could thrill lots of people. But the ironic part of JP Morgan’s movement with the blockchain space lies in the stance of its CEO, Jamie Dimon. It’s remarkable about Dimon’s resentment and indifference to Bitcoin.

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He categorized Bitcoin as being worthless and a fraud. However, Dimon has piped down his personal disposition to digital assets. He stated that since some clients are requesting the crypto token, his company would get involved to maintain customer service.

JP Morgan Embraces Blockchain Technology Yet Jamie Damon Stays Critical Of Bitcoin
BTC falls below $29k | Source: TradingView.com

In 2016, the company established Quorum, a blockchain project, and an Ethereum enterprise version. Later in August 2020, ConsenSys reacquired Quorum from JP Morgan. After the sale of Quorum, JP Morgan pushed out another product, Onyx, in October 2020. It came as an internal blockchain product with its stablecoin for support.

Also, JP Morgan widens its exploits on the blockchain. For example, 2020 was its year of transactions on repurchase borrowing. The company spent over $300 billion on its transactions, with part of them involving Goldman Sachs.

Featured image from Pexels, chart from TradingView.com

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